Question

what is the meaning of external liability????​

Answer 1

External Liability – All obligations which a business has to pay back to external parties i.e. lenders, vendors, etc. are termed as external liabilities.

Answer 2

Answer:

Your answer

Explanation:

The total amount of debts payable by a business to the outsiders (other than the owners) are called external liabilities e.g., creditors, bills payable etc.